Tata Motors’ share price received a slight bump on Wednesday afternoon after the company posted its sales reports for the month of October.
What Happened: Tata Motors reported around 6% year-on-year (Y-o-Y) increase in its overall sales for October 2023, reaching 82,954 units. The company sold 78,335 units in October 2022.
Domestic sales for October 2023 stood at 80,825 units up around 6% from the 76,537 units in October 2022. Commercial vehicle sales saw a 4% Y-o-Y increase, with 34,317 units sold. The passenger vehicle segment demonstrated a 7% Y-o-Y growth, reaching 48,337 units, compared to 45,217 units sold in October 2022.
Electric passenger vehicle sales surged by 28% Y-o-Y at 5,465 units. The announcement saw the company shares spike up after the announcement was made, but the stock slumped back in the red soon after.
Price Action: Tata Motor’s share price was down 0.21% to trade at 627.30 in the late hours of trading on Wednesday.
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